Bankers Automated Clearing Services. This is a company which provides a centralised payment service between bank accounts. The service is used by many companies as well as banks to accept and pay items such as salaries, services and goods. A BACS payment normally takes three days to process from the paying account to the receiving account.
The Banks Automated Clearing System (BACS) is a method of transferring money electronically. Payments made by this method can take up to working days to clear. There are no charges for customers making a BACS payment from their BBI account.
Banks Automated Clearing System. This is a process for transferring money electronically from one bank to another.